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Announcing SegWit support

blog.coinbase.com

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Re: Announcing SegWit support

#51

Post by TTPrograms »

kuschku wrote: post #21
loeg wrote: post #3

This is good to see for Coinbase users. > A common piece of feedback from customers is transaction fees for sending Bitcoin on Coinbase are too high. For example, around $2.50 for a 1:1 send last week or so. This is on top of the cut they take for purchases. Clients that implemented SegWit were able to charge much lower transaction fees (~$0.15 for confirmation in 20 minutes -- less for longer waits) for the same kin…

Sadly still nowhere close to the free transaction up to €15'000 within of 10 seconds that’s being rolled out across the European banks right now. Bitcoin was supposed to be an improvement upon existing payment methods, so far, it’s not quite there yet.

It was so nice of them to, out of the goodness of their hearts, provide such a competitively priced service. It sure seems unlikely that it was at all motivated by competition with alternative financial systems.

Re: Announcing SegWit support

#52

Post by arianvanp »

mrep wrote: post #44
tekproxy wrote: post #32

Earlier quoted context omitted.

Lol. It's advantages are that it's sound money and uncensorable, not faster than visa. Layer one will never scale to superior global currency. It's an immutable, append only database. DCS is a trade-off.

> it's sound money Can you explain what you mean by that? > and uncensorable With all the hacks, that is literally the last place people want to hold their money

With sound he means it's verifyable. All currency is accounted for

Re: Announcing SegWit support

#53

Post by mrep »

arianvanp wrote: post #52
mrep wrote: post #44

Earlier quoted context omitted.

> it's sound money Can you explain what you mean by that? > and uncensorable With all the hacks, that is literally the last place people want to hold their money

With sound he means it's verifyable. All currency is accounted for

That sounds good until fraud/hacks/mistakes happen and your are the customer that needs them to modify the account.

Example: I got my bank routing/account numbers from a bank in a state in which I had not set up my checking account in but the bank teller put the routing number as if I had creating the account in that state. Thus, my first paycheck went to an empty account and I went to the bank that day and they fixed it for me.

Putting any of my money in a place that is irreversibly is the last place I would put it.

Re: Announcing SegWit support

#54

Post by [deleted] »

mrep wrote: post #44
tekproxy wrote: post #32

Earlier quoted context omitted.

Lol. It's advantages are that it's sound money and uncensorable, not faster than visa. Layer one will never scale to superior global currency. It's an immutable, append only database. DCS is a trade-off.

> it's sound money Can you explain what you mean by that? > and uncensorable With all the hacks, that is literally the last place people want to hold their money

[deleted]

Re: Announcing SegWit support

#55

Post by [deleted] »

mrep wrote: post #53
arianvanp wrote: post #52

Earlier quoted context omitted.

With sound he means it's verifyable. All currency is accounted for

That sounds good until fraud/hacks/mistakes happen and your are the customer that needs them to modify the account. Example: I got my bank routing/account numbers from a bank in a state in which I had not set up my checking account in but the bank teller put the routing number as if I had creating the account in that state. Thus, my first paycheck went to an empty account and I went to the bank that day and they fixe…

[deleted]

Re: Announcing SegWit support

#56

Post by nicky0 »

mrep wrote: post #53
arianvanp wrote: post #52

Earlier quoted context omitted.

With sound he means it's verifyable. All currency is accounted for

That sounds good until fraud/hacks/mistakes happen and your are the customer that needs them to modify the account. Example: I got my bank routing/account numbers from a bank in a state in which I had not set up my checking account in but the bank teller put the routing number as if I had creating the account in that state. Thus, my first paycheck went to an empty account and I went to the bank that day and they fixe…

As long as you can trust your banks and your nation's government then that is fine. You probably live in a stable western country. Nice for you.

Re: Announcing SegWit support

#57

Post by lox »

TTPrograms wrote: post #51
kuschku wrote: post #21

Earlier quoted context omitted.

Sadly still nowhere close to the free transaction up to €15'000 within of 10 seconds that’s being rolled out across the European banks right now. Bitcoin was supposed to be an improvement upon existing payment methods, so far, it’s not quite there yet.

It was so nice of them to, out of the goodness of their hearts, provide such a competitively priced service. It sure seems unlikely that it was at all motivated by competition with alternative financial systems.

This seems like a particularly uncharitable take, can’t businesses ever do both what they want to make happen as individuals and what makes good business sense?

Re: Announcing SegWit support

#58

Post by lox »

Beldur wrote: post #50
firasd wrote: post #13

I'm glad to see the adoption of such changes. The 'hodl' crowd have changed their talking points to 'Bitcoin is an asset, not a currency' but as far as I'm concerned, if that's how it ends up--if you can't pragmatically buy a $2 cup of coffee with BTC--it would really puncture the immense promise of decentralized financial tech.

You also can't buy a cup of coffee with TCP/IP. But with PayPal you can. Bitcoin is not ment to be used for buying coffee. But software based on it is.

Do you mean “blockchain”? Because bitcoin was designed as a currency. It’s in the name.

Re: Announcing SegWit support

#59

Post by nicky0 »

bitL wrote: post #9
VMG wrote: post #5

Earlier quoted context omitted.

I'm trying but I don't understand your question

My limited knowledge tells me that BTC will lose its main reason for existence - solution of Byzantine generals problem, allowing trustless store of value. With what I've read about SegWit, it's a practical solution to improve transaction throughput by moving transactions off blockchain, which in turn removes trustlessness from the equation. I'd like to know if my conclusion is correct.

You have been misinformed. SegWit does not move anything off the blockchain. It just rearranges things within the blocks.

Re: Announcing SegWit support

#60

Post by koonsolo »

kuschku wrote: post #21
loeg wrote: post #3

This is good to see for Coinbase users. > A common piece of feedback from customers is transaction fees for sending Bitcoin on Coinbase are too high. For example, around $2.50 for a 1:1 send last week or so. This is on top of the cut they take for purchases. Clients that implemented SegWit were able to charge much lower transaction fees (~$0.15 for confirmation in 20 minutes -- less for longer waits) for the same kin…

Sadly still nowhere close to the free transaction up to €15'000 within of 10 seconds that’s being rolled out across the European banks right now. Bitcoin was supposed to be an improvement upon existing payment methods, so far, it’s not quite there yet.

Sadly still nowhere close to the free transactions from 0.00001 to whatever amount, within 3 seconds, that's already possible today with Nano, worldwide. No need for a bank account.

Bitcoin is old technology. Let's see how banks will compete with next gen coins.

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